Wearable device security is a well-dressed electronic device worn on the person body as an accessory. These devices carry huge amounts of user data ranging from customer demographics & electronic health record (EHR). These may open the extent for possible security vulnerabilities for instance data exfiltration, account harvesting intercepting data with Bluetooth or pairing App to connect with other IoT gear, point-to-point networking, proximity-based vulnerabilities, new Wi-Fi networks and others. Additionally, it could also lead to poodle attack, obtaining an IMEI, remote code execution, covert account takeover, location spoofing and others.
According to study, “Worldwide Wearable Device Security Market – Devices (Eyewear, Wristwear, Footwear, Smart Clothing), Security Types (Network, Cloud, Wireless, Application), Solutions (RBAC, Risk & Vulnerability Management, DDoS Mitigation, Intrusion Detection and Intrusion Prevention System), By End-Users & By Regions – Drivers, Opportunities, Trends, and Forecasts, 2016-2022” some of the major companies operating in the worldwide wearable device security market are Fitbit, Inc., Google Inc., Apple Inc., Garmin Ltd., Nike Inc., Hewlett Packard Enterprise (HP) Inc., IBM Corp., Secunet Security Networks AG, Alphabet, Microsoft Corporation, Karamba Security, Arilou Cyber Security, Biovotion, Argus Cyber Security, CrowdOptic Inc., Innovega, Inc., Symantec, BotFactory, Vuzix, Intel, ESCRYPT Embedded Security, Avegant, Osterhout Design Group (ODG), Lumus. These companies are providing storage services on the cloud, leading to the storage of important information on the web.
Based on the devices, worldwide wearable device security market is segmented into footwear devices, eyewear devices, wristwear devices and smart clothing devices. The imminent wearable devices include smart belts and smart jewellery. The devices provide real-time data monitoring, hands-free operations, and network communication. Based on security type, market is segmented into cloud security type, application security type, network security type and wireless security type. Based on solutions, market is segmented as risk & vulnerability management, Role Based Access Control (RBAC), intrusion detection, Ddos mitigation, and intrusion prevention system. In addition, the market is registering growth for the end-user markets like BFSI, healthcare, sports industry, retail, public, and oil gas.
The worldwide wearable device security market is primarily driven by the growing smart-phone users followed by wearable devices in industries, increased dependence on the internet, increasing penetration rate and global investments from government & IT firms etc. Apart from the major benefits, some of the restraints impacting the marker growth are data security & privacy concerns, followed by vigilant of regulations & standards, low-level software adoption and high cost. In addition, the opportunities such as emerging economies globally and IT industries. Furthermore, the growing Bring Your Own Device (BYOD) trend at the administrative center is posing a significant security threat to the enterprises globally.
The worldwide wearable device security market is anticipated to reach US $35.7 billion by 2022, growing at an expected CAGR of 51.4% throughout the forecast period 2016-2022. The market is expected to witness a significant growth over the forecast period owing to rise in number of wearable device users, increase in government investments, and growing demand for health & sports or fitness wearables across the world.
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Ankur Gupta, Head Marketing & Communications